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3 Edit File Insert Format Share Arrange View Window Help Chapter 4 Assignment Version C lo Collabore 125% Zoom Text Comment Insert Table Shape View Media Add Page Chart 1 Parker Painting Thinking Application 10 13 12 John Parker is a painter. His business has the following assets and liabilities: om Assets $ 20 000 Bank - 1 375 Liabilities $ 3500 Bank Loan 350 A/P - Artists' Supply 400 A/P -Elite Furniture 2 980 Loan Payable 4 120 2 950 A/R-L. Bonette A/R - N. Samuels Office Supplies Painting Supplies Office Furniture Automobile 1 980 5 090 Equity 20 000 J. Parker ormat e.edu Part A: Set up J. Parker's financial position in the T-accounts provided. Include the equity account. Part B: Record the accounting entries and update the account balances in the T-accounts. Part C: Prepare the trial balance. ABST Transactions June 2016 a) Received $200 cash from a customer for painting a sign. b) Paid $500 to Artists' Supply c) Received $400 cash from N. Samuels. 3 ages File Edit Insert Format Arrange View Share Window Help Chapter 4 Assignment Version C 125% View Zoom Add Page Insert Table Chart Text Shape Media Comment pogle Painting Supplies Office Furniture 4 120 5 090 Equity 20 000 J. Parker Automobile Part A: Set up J. Parker's financial position in the T-accounts provided. Include the equity account. Part B: Record the accounting entries and update the account balances in the T-accounts. Part C: Prepare the trial balance. A Format Exart Tywelmind.com General Format ow.purdue.edu Transactions June 2016 a) Received $200 cash from a customer for painting a sign. b) Paid $500 to Artists' Supply. c) Received $400 cash from N. Samuels. d) Sold an extra office desk (which is included in the Office Furniture figure at $450(this is the original price of the Furniture)) to G. Brand at a price of $250 cash. e) Reduced the bank loan by $1 000. f) Paid the regular monthly bank loan payment, $500. 9) Pald the balance owing to Artists' Supply. h) Painted a house for $760 on account to N. Samuels. 1) Pald $35 for a newspaper advertisement to the Mississauga News. (This is an expense) 1) The owner withdrew $354 worth of painting supplies for personal use. (This will impact your company's worth) k) Purchased a scaffold (office supplies) from Supply King. Paid $375 now and the balance of $2 372 to be paid 30 days from now. (You will have to create two new t-accounts) TITLE ABST Na DI 11n DU $ # 3 % A 2 & 4 5 6 7 8 9 Q W E R T Y Share File Edit Insert Format Arrange View Window Help Chapter 4 Assignment Version T Chart Text Shape Media Comment 125% Colla Table Insert View Zoom Add Page c) Received $400 cash from N. Samuels. d) Sold an extra office desk (which is included in the Office Furniture figure at $450(this is the original price of the Furniture)) to G. Brand at a price of $250 cash. e) Reduced the bank loan by $1 000. f) Paid the regular monthly bank loan payment, $500. 9) Paid the balance owing to Artists' Supply. h) Painted a house for $760 on account to N. Samuels. 1) Paid $35 for a newspaper advertisement to the Mississauga News. (This is an expense) 1) The owner withdrew $354 worth of painting supplies for personal use.(This will impact your company's worth) k) Purchased a scaffold (office supplies) from Supply King. Paid $375 now and the balance of $2 372 to be paid 30 days from now. (You will have to create two new t-accounts) Exart d.com Ch Text eral Format purdue.edu 1) Purchased more paint brushes from Home Depot for $245. m) L. Ronette made a partial payment towards their account for $300. The owner decided to keep the full amount for their personal use. Spe Bulls TITLE ABST No B In Drop 3) 80 F DOO Ono F4 FS DW 8 DO F @ # % & 2 3 4 5 6 7 8 9 W E R. T